Latest Trends and Insights in Real Estate Technology

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  • As Companies Decline To Renew Office Leases, One Flex Workspace Company Sees Business Double

    Bisnow

    As WeWork fights to retain tenants around the world in what some are calling a vacancy crisis, other companies in the flexible office space industry see mixed results. Convene began to reopen its offices in late June, but with most clients’ average Convene lease lasting 18 months, companies are hesitant to recommit. CEO Ryan Simonetti told Bisnow in June he hoped for 25% to 50% occupancy at best by the end of 2020. Knotel, which let go of half its staff this year while Q2 revenue fell 20%, just …

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  • Another Covid-19 Problem for Companies: All This Working From Home Isn’t Cheap

    Wall Street Journal

    The pandemic has made business more dependent on cloud-computing than ever—and companies are now racing to rein in the soaring costs. Cloud spending at Audi Business Innovation GmbH, a unit of Volkswagen AG -owned car maker Audi, jumped 12% between March and April, with employees using more of the rented, remote computing power and software tools to work from home. But with car sales plunging, companywide budgets were under pressure….

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  • Knotel Landlords Sue For Rent

    The Real Deal

    When it rains, it pours. These aren’t the drops that seem to drench New York City nearly every afternoon this summer, but the lawsuits that are piling up against Knotel, claiming the flex-office company is skipping out on rent. Since the beginning of July, at least four landlords have sued Knotel alleging the company owes a total of $1.6 million in unpaid rent, court records show.

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  • CoStar Earnings Slow Sales

    The Real Deal

    CoStar Group’s second-quarter profits slid 4.5 percent to $60 million as it incurred higher operating costs and slower sales during the pandemic. During the quarter, the data giant reported $35 million in net new sales, down from $59 million during the same period last year. But as sales picked up during reopening, CoStar said it notched a record $22 million net new sales in June.

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  • WeWork Sheds Youthful Image as It Lures Big Companies

    Wall Street Journal

    WeWork enjoyed explosive early growth as a refuge for small startups and freelancers. Now, it is ditching that image while trying to revive its business with larger, more-traditional corporate clients. With the new emphasis, WeWork hopes to weather a serious downturn in the office market triggered by the coronavirus. In June, large companies accounted for 65% of its new customers, said Sandeep Mathrani, chief executive of WeWork parent We Co. The second quarter marked the first time that compani…

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  • Density, a tracker of building users, raises $51M

    The Real Deal

    Density, a startup that anonymously tracks how people move through buildings, has raised $51 million from heavy-hitting investors in time to help offices reopen for business. The Series C brings the New York City startup’s total funding to $74 million as companies scramble to keep employees safe at work.

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  • SoftBank Hits New Highs as Son’s Investing Record Is Reappraised

    Bloomberg

    Fueled by buybacks, analyst valuations, earnings expectations and IPOs, SoftBank Group Corp. shares are retracing their way back to heights last seen during the dotcom bubble 20 years ago. SoftBank shares rose 2.3% in Tokyo Tuesday to close at 6,645 yen, the highest since March 2000. The stock is up almost 150% from March.

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  • OpenSpace raises $15.9 million to automate photo documentation on construction sites

    Venture Beat

    OpenSpace, a platform that helps construction teams track the progress of building projects by capturing 360-degree photos of construction sites, has raised $15.9 million in a series B round of funding led by Menlo Ventures. While the construction sector has never been renowned for efficiency, digital technology is playing a pivotal role in getting the $11 trillion industry back on its feet during the COVID-19 crisis. The industry has been particularly hard hit by the pandemic, due to social dis…

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  • Cohesion Snares $6.5M in Seed Funding

    VC News Daily

    Last week, cohesion, a spin-off venture of ESD, raised $6.5 million in seed funding to support their award-winning SaaS intelligent building platform, based on technology originally conceived and built at ESD. The cohesion intelligent building app is the first award-winning proptech SaaS to integrate siloed building systems with tenant experience. It provides building developers, owners and operators with useful tenant occupancy data, which can inform staffing needs and equipment schedules, enab…

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  • Exclusive: Flat.mx Raises $25M Debt Financing To Modernize Buying Homes In Mexico

    Crunchbase

    Buying and selling a home are among the biggest decisions someone will make, and they can also be challenging experiences. A few weeks ago, I wrote about Nomad Homes developing a platform to simplify the home-buying experience in Europe and the Middle East. Now meet Flat.mx, a property tech startup that is doing something similar in Mexico, but on the sale side….

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